What does interest free period mean?
An interest free period is a period of time where no interest will be charged on new purchases. In order to receive this benefit, you must meet certain conditions.
The condition is you may receive up to 55 days interest free period for purchases on your credit card provided you continue to pay your closing balance in full on or before every statement due date.
The 55 days interest free period commences with the opening of the credit card statement period which occurs on the 23rd of each month.
The interest free period for purchases starts on the date the purchase first appeared on your statement and ends on the due date for payment on that statement. The maximum length of the interest free period for a purchase is 55 days.
For example, an item purchased on the 23rd of the month will receive the maximum 55 days interest free period. An item purchased on the 24th will receive 54 days interest free.